SINGAPORE

The Republic of Singapore is situated at the southern tip of the Malaysian Peninsula. Strategically located along the major shipping and air routes of Asia, Singapore has excellent international trading links. It is a British Commonwealth country and gained independence from Great Britain in 1965, but still retains close links with the British Crown. Offshore investors are well served by representatives of most major international banks, financial institutions, investment management companies, accounting and legal firms. It is also one of the leading international financial centres with an advanced and bustling economy. It thrives on political stability, an excellent professional and technological infrastructure

A properly structured Singapore International Business Company (IBC) is an excellent, tax efficient corporate vehicle through which international business can be conducted.

Each company must have minimum ONE director. This person must be ordinarily resident in Singapore. Corporations are not permitted to be directors of Singapore companies. Each company must maintain a registered office in Singapore.

Each company must appoint a resident company secretary. Subject to the terms our policy and due diligence M&N Group can provide nominee company secretary.

All companies must keep proper accounting records and have the records and financial statements audited annually by an external auditors. The following categories of companies, subject to meeting certain conditions, can apply to be exempted from the legal requirement to have their accounts audited by external auditors:

• Dormant companies
• Private Exempt companies

Although the legal requirement for audit will be exempted, the above companies must still maintain proper accounting records and prepare their accounts and financial statements in accordance with the Singapore Financial Reporting Standards. We can provide book-keeping and accounts preparation services.

All companies must file annual tax returns with the Inland Revenue Authority of Singapore ("IRAS").

Banking

Companies incorporated in Singapore do not usually encounter problems with opening of bank accounts. Singapore currently has a good presence of foreign banks. And all the local banks are very well established and well known with good presence in the region.

Application for bank accounts opening will take place after the company is incorporated. Banks usually will require meeting directors and authorized signatories in person in order to verify their signatures. Otherwise, for overseas directors or authorized signatory, their signatures will have to be verified by an officer of an overseas branch of the same bank. Having mentioned these requirements, please note that each bank has different requirements and they vary.

Clients will have to advise us the bank of their choice and we will complete all documentations and arrange submission of those documents to the bank. You will need to assist us with arranging for signatures. It usually takes about two weeks for the preparation of documents, arranging signatures and submission of duly signed documents.